Do You Have To Sell The Family Home In An Orlando Divorce?
Selling a home is such a hassle, but often means a family is moving on to bigger and better opportunities. The same cannot be said for a house sale due to a divorce, as usually one or both parties must move out and downsize. But is it always necessary for divorcing parties to sell the family home? How do parties arrive at a fair price if selling the home is the only option?
To Sell or Not to Sell
Deciding whether or not to sell a home during an Orlando divorce is often based on several factors. What does the real estate market look like? Can the parties afford to divide closing and settlement costs associated with a sale? If they sell their home, can both parties afford to live on their own? If one party will be relying on alimony to purchase a new home or start renting, they need to allocate a budget and determine what they can afford. It is also possible that there simply are not enough homes on the market within a party’s price range or close enough to commute to work or school. If the parties share custody of minor children, making a long-distance move can often complicate any physical custody arrangements they hope to adhere to. These are all logistical issues.
Dividing Real Property
Often things get more complicated when the parties can afford to move out, but neither party wants to let go of the house. Maybe they put years of time into renovations, or finally paid off the mortgage. Maybe one party simply does not want to start all over again, or they truly cannot part with the house. In that case, one party does have the option to buy the other party out by paying them their share of the current value of the home.
This may require assistance from one or two appraisers to determine fair market value and should be incorporated into the parties’ marital settlement agreement. If the parties simply cannot agree who will get the home, they may benefit from non-binding mediation to settle the dispute. Otherwise, any outstanding issues are settled by the presiding judge in court. In those cases, usually the judge would order the property to be sold and the proceeds divided equitably between the parties, meaning neither party would retain ownership.
Contact Orlando Divorce Lawyer Steve Marsee
If you or someone you know are currently embroiled in divorce litigation, you can appreciate how crucial these decisions are. A divorce changes everything, including your living arrangements. If you have questions about your options, including whether you must sell the family home, speak to Orlando divorce attorney Steve Marsee. With more than three decades of experience helping clients throughout Orange County, he can help you identify a solution that works for you. Call today to schedule a consultation and discuss your options.